The Incentive Bubble

The last three decades have seen American capitalism transformed by a simple idea—that the evaluation and compensation of managers and investors should be outsourced to financial markets, says Professor Mihir A. Desai.

Why U.S. Competitiveness Matters to All of Us

The world is interdependent, and the U.S. economy is still too large for anyone to profit from a rapid decline in its well-being.